Observer Money – Page 39 – Windhoek Observer

14 Aug

Monetary committee leaves repo rate at 6.75%

Observer Money

Allexer Namundjembo The Monetary Policy Committee (MPC) of the Bank of Namibia (BoN) has maintained the repo rate at 6.75%. The decision was made during its fourth bimonthly meeting of 2025, held on 11 and 12 August. The committee said the decision aims to safeguard the peg between the Namibian dollar and the South African rand while supporting domestic economic activity. This follows the South African Reserve Bank’s decision in July to cut its repo rate to 7.00%, reducing the interest rate gap between Namibia and South Africa to 25 basis points. “After a thorough review of domestic, regional, and…

14 Aug

Standard Bank counts on supportive economic climate

Observer Money

Chamwe Kaira Standard Bank Namibia Holdings expects the economy to remain relatively favorable for business, despite persistent global and local risks. Internationally, growth may be held back by high debt levels, geopolitical tensions, and weak external demand. “Nonetheless, easing global inflation and a gradual pivot towards more accommodative monetary policies may offer some relief to financial markets and emerging economies,” the group said in its results for the six months ended 30 June. The profit after tax rose from N$505 million in the same period last year to N$556 million. Locally, the bank sees growth supported by the recovery of…

14 Aug

Petrofund inks two new oil and gas training deals

Observer MoneyThe Petroleum Training and Education Fund (Petrofund)

Justicia Shipena The Petroleum Training and Education Fund (Petrofund) has signed two new Memoranda of Understanding (MoUs) to boost skills development in the country's oil and gas sector. The agreements were signed during the ongoing Namibia Oil and Gas Conference in Windhoek. One MoU was with global engineering firm McDermott, and the other was with FirstRand Namibia, which includes RMB Namibia, FNB Business, and FNB Retail. The MoU with FirstRand Namibia marks the first local contribution by a Namibian business to Petrofund for upstream oil and gas capacity development. Petrofund's chief executive officer, Nillian Mulemi, said the initiative came entirely…

14 Aug

Nedbank Group acquires ikhokha

Observer Money

Nedbank Group has announced that it has entered into a binding agreement to acquire 100% of fintech innovator iKhokha Proprietary Limited for a cash consideration of approximately N$1.65 billion (subject to certain adjustments upon conclusion), a move that marks a significant milestone in Nedbank’s strategy to deepen its support for small and medium-sized enterprises (SMEs) through digital innovation and inclusive financial services. The iKhokha transaction is subject to customary regulatory approvals and is expected to conclude in the coming months. The acquisition of iKhokha will strengthen and scale Nedbank’s positioning in the SME market. The acquisition will result in iKhokha…

13 Aug

Economy expected to grow by 3.5%

Observer Money

Chamwe Kaira The Namibian economy is expected to grow by 3.5% in 2025, according to the Bank of Namibia’s August economic outlook. “The domestic economy is estimated to expand marginally by 3.5% in 2025 and by 3.9% in 2026,” said Kazembire Zemburuka, director of strategic communications and international relations at the Bank of Namibia. He said growth is projected to slow in 2025 before improving in 2026, with GDP growth moderating from 3.7% in 2024 to 3.5% in 2025. The slowdown is mainly due to a contraction in primary industries, particularly the livestock subsector, as reduced herd sizes continue to…

13 Aug

Proflight Zambia to launch Windhoek flights

Observer Money

Chamwe Kaira Proflight Zambia will launch flights to Windhoek on 3 March 2026, expanding its regional network. The service will operate three times a week, on Tuesdays, Fridays, and Sundays,linking Lusaka and Windhoek via Livingstone. The Lusaka–Windhoek leg will include a 30-minute stopover, during which passengers will remain on board. The Livingstone–Windhoek route will operate as a direct flight. Morning connections from Ndola to Windhoek and evening connections from Windhoek to Ndola, Solwezi, and Mfuwe will also be available. Proflight Zambia will be the only carrier offering direct flights on this route. “Proflight Zambia continues to invest in network expansion…

13 Aug

NCCI calls on members to solve industry-specific hurdles

Observer MoneyNamibia Chamber of Commerce and Industry (NCCI)

Justicia Shipena Namibia Chamber of Commerce and Industry (NCCI) chief executive officer Titus Nampala has called on members of the Windhoek Branch to share their expertise to help tackle industry-specific challenges and identify opportunities in high-growth areas. Speaking after the NCCI Windhoek Branch elected a new executive committee on 7 August in the capital, Nampala said the chamber works alongside government to advance economic growth. The gathering brought together entrepreneurs from micro-enterprises, SMEs, large corporates, and informal sector operators. NCCI president Bisey /Uirab acknowledged the range of expertise represented, from clothing, oil and gas, technology, and creative industries to manufacturing,…

13 Aug

Old Mutual wins best insurance service award

Observer Money

Staff Writer Old Mutual Namibia has been named the Best of Namibia 2025 Winner in the insurance service category. The announcement was made on Tuesday in a press statement. The Best of Namibia Awards recognise brands and businesses across various industries, with winners chosen entirely by public vote. Old Mutual also won the best short-term insurer award in 2024. The company said the recognition reflects the trust, confidence, and loyalty customers continue to place in the brand. “With a legacy of over 100 years in Namibia, the company has built a reputation for delivering not only reliable insurance and financial…

12 Aug

SADC Tourism Alliance sets skills focus for Namibia

Observer Money

Chamwe Kaira The newly elected steering committee of the SADC Tourism Alliance will focus on developing skills in Namibia’s tourism industry during its term. Tourism is Namibia’s fastest-growing economic sector, employing more than 100,000 people. Tourist arrivals rose from 169 565 during the pandemic to 863 872 in 2023, according to the ministry of environment and tourism. The ministry was allocated N$797 million for the 2025/26 fiscal year. Regional tourism leaders have created a new governance structure to address barriers slowing the sector’s growth. Intra-regional tourism accounts for less than 25% of arrivals, and air connectivity remains limited. The steering…

12 Aug

July bites back: meat and beer prices increase

Observer Money

Chamwe Kaira Meat and beer became more expensive in July, official statistics show. The annual index for the ‘meat’ subcomponent rose by 10.3% in July, compared to 3.8% in July 2024. The Namibia Statistics Agency (NSA) attributed the rise mainly to beef prices, which climbed from 7% to 14.6%, minced meat from 4% to 12.6%, mutton and lamb from 1.9% to 12.2%, and sausages from 0.8% to 8.9%. Vegetable prices also surged. The index for vegetables, including potatoes and other tubers, rose by 9.7% in July compared to 4.6% a year earlier. Notable increases were recorded for cucumber (-17.5% to…